November Sinks the Market to a New Low

By
Real Estate Broker/Owner with RE/MAX Advantage

1087 detached homes and condo/townhomes closed in November - a new low for the mls this decade.  The winter season is historically the low point of our market rhythm.  December and January typically chalk the lowest percentage of our annual closings.  Good news?  Listing inventory continues to decline-this past 7 days by 568 listings!  This marks 6 consecutive weeks of declining inventory and a total reduction of 1434 mls listings.  30 year fixed nterest rates today fell to 5.625%.  The lowest in a very long time.  Bad news?  One bank repo auction down, one more this weekend.  In total, more than 500 homes are up for auction.  Early bidding this past weekend resulted in the gavel hitting the podium with high bids at $90/sf!  These are prices not seen in years.  Prices will continue to decline for some time as banks continue to move their ultra-high inventories. 

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Comments (2)

Rey Gallegos
Supreme Lending (NMLS ID #2129) - Las Vegas, NV
FHA, VA, Home Loans Las Vegas, NV

Tim,

Although the price per square foot is low we need these closing to happen as fast as possible so we can get them on the books and start seasoning them.  Until we get a bulk of the foreclosures and bank owned properties sold or taken off the market we wont be able to stabalize.  I say sell em all!

Dec 04, 2007 06:29 AM
Tim Kuptz
RE/MAX Advantage - Las Vegas, NV
I agree.  the real recovery will not happen until joe owner occupant can sell his home in a reasonable amount of time without taking all of this in the shorts.  For that to happen, builder inventories need to deplete (happening) and the reo/shortsales consumed.
Dec 04, 2007 09:30 AM